Credit Card Reform?

Credit Card Reform?

The Senate passed a law that will force credit card companies to reduce fees for debit card transactions.

I have often said that these institutions simply cannot be fought by individual card holders. A single human being is but an insignificant statistic to a corporation of this size. Only the government can stand up for you on these kinds of issues.

In a true free market society, credit card companies would have to compete. The competition we see in this field is not price based but based on the successful amount of fine print allowing extra fees and penalties. You win by apparent price advantages when a whole reading of a document many pages in length is necessary to give you an idea of the real costs. This isn’t capitalism, it’s the law of the jungle, it’s the consumer as prey animal like a rabbit to a wolf.